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(PitchBook  （PitchBook

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Contents 内容

Key takeaways ..... 3 Key takeaways. 3
PE performance ..... 4 体育表演..... 4
Deployment ..... 6 部署..... 6
Realizations ..... 9 实现...... 9
Fundraising ..... 11 筹款..... 11
Strategy expansion ..... 17
战略扩张. 17
Share of AUM by manager and strategy ..... 19
按经理和战略划分的AUM份额..... 19
GP deal activity ..... 21
GP交易活动21
GP stake transactions ..... 24
GP股份交易..... 24
Operating results ..... 26
经营业绩..... 26
Stock performance and comparables ..... 27
股票表现和可比数据..... 27
Note: "PE" has a specific meaning for the seven major public alternative managers referenced in this report.
注：“PE”对本报告中提到的七个主要公共替代经理人具有特定含义。
  1. Blackstone and Carlyle: "Corporate PE" as defined in company reports. 2. KKR: "Traditional PE" as defined in company reports.
    黑石和卡莱尔：公司报告中定义的“公司PE”。2. KKR：公司报告中定义的“传统PE”。
  2. Apollo: "Flagship PE" and "European principal finance" as defined in company reports.
    阿波罗：公司报告中定义的“旗舰PE”和“欧洲主要金融”。
  3. Ares: "Corporate PE" and "special opportunities" as defined in company reports
    战神：公司报告中定义的“公司PE”和“特殊机会”
  4. TPG: "Capital" and "growth" as defined in company reports.
    TPG：公司报告中定义的“资本”和“增长”。
  5. Blue Owl: "PE" represents PitchBook estimates of ownership stakes held by "GP Strategic Capital" funds in managers primarily engaged in PE buyout and growth equity strategies.
    蓝枭：“PE”代表PitchBook对“GP战略资本”基金在主要从事PE收购和增长股权战略的经理人中持有的所有权股份的估计。
Note: "Private credit" has a specific meaning for the seven major public alternative managers referenced in this report.
注：“私人信贷”对本报告中提到的七个主要公共替代管理机构有特定的含义。
  1. KKR: "Alternative Credit" as defined in company reports.
    KKR：公司报告中定义的“替代信贷”。
  2. Ares: "US Senior Direct Lending" as defined in company reports.
    战神：公司报告中定义的“美国高级直接贷款”。
    . Blue Owl: "Direct Lending Gross Returns" as defined in company reports.
    .蓝猫头鹰：公司报告中定义的“直接贷款总回报”。
  3. Apollo: "Direct Origination" as defined in company reports
    Apollo：公司报告中定义的“直接发起”
  4. Blackstone: "Private Credit" as defined in company reports.
    黑石：公司报告中定义的“私人信贷”。
  5. Carlyle: "Global Credit" as defined in company reports
    卡莱尔：公司报告中定义的“全球信贷”
  6. TPG: "TPG AG Credit" as defined in company reports
    TPG：公司报告中定义的“TPG AG信贷”

PitchBook Data, Inc. PitchBook数据公司

Nizar Tarhuni Executive Vice President of Research and Market Intelligence
Nizar Tarhuni研究和市场情报执行副总裁
Dylan Cox, CFA Head of Private Markets Research
Dylan考克斯，CFA私人市场研究主管
Institutional Research Group
机构研究小组
Analysis 分析
Tim Clarke 蒂姆·克拉克
Lead Analyst, Private Equity tim.clarke@pitchbook.com
首席分析师，私募股权tim. pitchbook.com

Garrett Hinds 加勒特·海因兹

Senior Analyst, Private Equity garrett.hinds@pitchbook.com
私募股权高级分析师加勒特. pitchbook.com
Jinny Choi 蔡锦妮
Senior Analyst, Private Equity jinny.choi@pitchbook.com
私募股权高级分析师jinny. pitchbook.com

Kyle Walters 凯尔·沃尔特斯

Associate Analyst, Private Equity
副分析师，私募股权
kyle.walters@pitchbook.com
Data 数据
Charlie Farber 查理·法伯
Senior Data Analyst 高级数据分析师
pbinstitutionalresearch@pitchbook.com

Publishing 出版

Report designed by Megan Woodard
设计师：Megan Woodard
Published on August 27, 2024
发布于2024年8月27日
Click here for PitchBook's report methodologies.
点击这里了解PitchBook的报告方法。

PPitchBook

Key takeaways 关键要点

Share of AUM by strategy
按策略列出的AUM份额

Source: Company reports Geography: Global *As of June 30, 2024
来源：公司报告 地理位置：全球 * 截至2024年6月30日
GP consolidation is happening. Deal flow involving GP franchises as targets is on track to smash the 2021 high and set a new alltime record. GP deal count is up 84.0% YTD and should easily surpass the prior record of 114 deals in 2021. Control transactions by GPs are on pace to exceed 75 this year, compared to 42 in 2023. Strategic minority transactions are also up sharply and often feature traditional LPs crossing over to invest in GP franchises in more specialized strategies. A staggering billion in AUM has traded so far this year, or of total industry AUM. By this metric, the alts industry has clearly entered a consolidation phase. GP stake activity has declined to of the total deal mix, reflecting the surge in strategic activity but also higher entry prices that have likely tamped down deployment.
GP合并正在发生。涉及GP特许经营权作为目标的交易流有望打破2021年的高点，并创下新的历史纪录。GP交易数量同比增长84.0%，应轻松超过2021年114笔交易的历史纪录。全科医生的控制权交易今年将超过75宗，而2023年为42宗。战略性少数股权交易也大幅增加，通常是传统的有限合伙人以更专业的战略投资于GP特许经营权。今年到目前为止，AUM的交易量达到了惊人的1#亿美元，占整个行业AUM的1#。从这个角度来看，山寨机行业显然已经进入了整合阶段。GP股权活动已降至总交易组合的第2#位，反映了战略活动的激增，但也反映了更高的入门价格可能会抑制部署。
Fundraising up on strong synergies. Total fundraising across all strategies rose by in H 12024 versus the same span in the prior year. A good portion of that was driven by synergies gained from strategic combinations, such as KKR's acquisition of Global Atlantic, TPG's purchase of Angelo Gordon, and Carlyle's consolidation of Fortitude. Even after adjusting for recent acquisitions, we estimate that fundraising grew by a healthy on an organic basis. PE fundraising moderated from a bounce in Q1 2024 but is still ahead by 9.5% YTD versus the prior year. Credit continues to command 62.2% of total fundraising on a trailing 12-month basis, although its share dipped in Q2 from an unusually high level in Q1.
凭借强大的协同效应筹集资金。2024年上半年，所有策略的总筹资额与去年同期相比增长了0#。其中很大一部分是由战略合并所带来的协同效应推动的，比如KKR收购环球大西洋公司、TPG收购安吉洛·戈登以及卡莱尔整合刚毅。即使在对最近的收购进行调整后，我们估计筹款在有机基础上也会健康增长。私募股权融资从2024年第一季度的反弹中放缓，但与去年同期相比仍领先9.5%。在过去12个月的基础上，信贷继续占据总融资的62.2%，尽管其份额在第二季度从第一季度的异常高水平下降。

Share of trailing 12-month (TTM) capital raised by strategy*
策略在过去12个月（TTM）筹资中所占的份额 *

Credit origination surges. Deployment and/or origination within these firms' credit strategies surged by in the YTD period over 2023. Adjusted for acquired growth, origination was still ahead by an impressive . Apollo pulled away from the pack with total origination of billion on a trailing 12-month basis, more than twice that of its next peer. Blue Owl saw deployment grow from billion in Q2 of last year to billion this year. Meanwhile, corporate PE deployment increased by 40.9% from a soft Q1 but is still down 23.2% YTD. Aggregate deployment in credit strategies by these seven firms exceeded PE deployment by more than six-fold on a TTM basis
信贷发起激增。于二零二三年年初至今期间，该等公司信贷策略的部署及╱或发起激增 。根据收购后的增长率进行调整后，Originating仍以令人印象深刻的第一名的成绩领先。阿波罗在过去12个月的总发行量为2#亿美元，是下一个同行的两倍多。Blue Owl的部署量从去年第二季度的3#亿增长到今年的4#亿。与此同时，企业PE部署量较第一季度增长40.9%，但同比仍下降23.2%。在TTM的基础上，这七家公司的信贷战略总部署超过PE部署六倍以上
Realizations perk up. While still relatively unchanged on a trailing twelve-month basis, realizations moved ahead in Q2 2024 by YoY and YTD versus 2023. The nature of exits still reflects a mix of traditional M&A processes and partial monetizations in addition to stock sales of legacy holdings that are now public. GPs that invested early in Asia and India are now able to harvest some of those investments, and they featured in several of the M&A exits announced by these firms. Most managers were upbeat on exits improving in the back half of the year given expectations of more central bank rate cuts and a soft economic landing, while calling out there is likely to be a near-term lag between improving markets and recovery in realizations.
意识到这一点。虽然在过去12个月的基础上仍然相对不变，但与2023年相比，2024年第二季度的实现量同比增长了 ，同比增长了 。退出的性质仍然反映了传统的并购过程和部分货币化的混合，以及现在公开的遗留控股的股票出售。早期在亚洲和印度投资的普通合伙人现在能够收获其中的一些投资，他们在这些公司宣布的几次并购退出中发挥了作用。大多数基金经理对今年下半年退出情况的改善持乐观态度，因为预计央行将进一步降息，经济将软着陆，但他们认为，市场改善与实现复苏之间可能存在短期滞后。

PE performance PE性能

Gross PE returns/appreciation by manager*
基金经理的本益回报/增值总额 *

Source: Company reports Geography: Global *As of June 30, 2024
来源：公司报告 地理位置：全球 * 截至2024年6月30日
PE returns appeared to be stabilizing in recent quarters, settling in the 9% to 11% range. In Q2 2024, these managers reported a median gross return from the PE funds and strategies they manage of for the second quarter and 7.9% on a trailing 12-month (TTM) basis, both of which are sequential declines. Furthermore, returns continue to trail public equities by a wide margin, with the S&P 500 recording a return for the quarter and a return for the TTM period. PE remains the top-performing asset class on a 10-year and 15-year basis. However, as noted in our most recent Global Fund Performance Report, that outperformance margin has been shrinking, and the distribution component of returns remains well below historical levels. The same can be seen among public players, with realizations running below historical levels despite its recent uptick.
PE回报率在最近几个季度似乎趋于稳定，稳定在9%至11%的范围内。在2024年第二季度，这些经理报告了他们管理的私募股权基金和策略的总回报中位数，第二季度为 ，过去12个月（TTM）为7.9%，这两个都是连续下降。此外，回报率继续大幅落后于公共股票，标准普尔500指数在本季度的回报率为1#，在TTM期间的回报率为2#。在10年和15年的基础上，PE仍然是表现最好的资产类别。然而，正如我们在最近的《全球基金业绩报告》中所指出的那样，超额收益率一直在缩小，回报的分配部分仍远低于历史水平。在公共参与者中也可以看到同样的情况，尽管最近有所上升，但实现率仍低于历史水平。
KKR again leads the pack with a gross return of in its traditional PE strategy for the TTM period. KKR's PE fund performance has been strong in recent quarters, including a quarterly return above in four of the last five quarters. The firm's one-year PE return remains ahead of Blackstone's 11.3% return for its corporate PE strategy during the same period. Apollo returns dropped in Q2 to 1.6% after posting four consecutive quarters above 2%. Apollo's growth strategies, which include its PE buyout and its lend-for-control strategy, have nearly reached double-digit territory, reporting a return for the TTM period.
KKR在TTM期间的传统PE策略中再次以 的总回报率领先。KKR的私募股权基金近几个季度表现强劲，在过去五个季度中，有四个季度的季度回报率超过了第一名。该公司的一年本益回报率仍高于黑石同期11.3%的企业本益回报率。阿波罗回报率在连续四个季度高于2%后，第二季度下降至1.6%。Apollo的增长战略（包括私募股权收购和贷款换控制权战略）已接近两位数，报告TTM期间的回报率为 。
While Blue Owl does not directly manage a PE strategy, its GP Strategic Capital (GPSC) funds offer indirect exposure. Approximately half of the GP stakes it has acquired since inception are PE managers. Blue Owl reported inception-todate gross returns on Funds II, IV, and V of , and , respectively, and net returns of , and , respectively, as of June 30, 2024.
虽然Blue Owl不直接管理私募股权投资策略，但其GP战略资本（GPSC）基金提供间接风险敞口。自成立以来，它收购的GP股份中约有一半是PE经理。截至2024年6月30日，Blue Owl报告基金II、IV和V的初始总回报率分别为 和 ，净回报率分别为 和 。
Rounding out the group were TPG, Carlyle, and Ares, with one-year gross returns on PE strategies of , and , respectively. Carlyle was the only firm of the three that improved from its one-year returns reported at the end of Q1 2024. Please note that not all these strategies may be comparable.
排在第四位的是TPG、卡莱尔和战神，它们的私募股权投资策略一年期总回报率分别为0#和1#。卡莱尔是三家公司中唯一一家较2024年一季度末报告的一年期回报有所改善的公司。请注意，并非所有这些战略都具有可比性。

Gross private credit returns/appreciation by manager*
私人信贷总回报/经理增值 *

While PE returns try to regain lost ground, private credit returns continue to fly high. Credit returns reported by these same managers remained significantly higher than their PE strategies in almost every instance, with KKR being the exception. The top seven US-listed alternative managers with credit strategies posted a median quarterly and TTM gross return of and , respectively, for the period ended Q2 2024; the latter figure is more than double the 7.9% median PE gross return for the TTM period. Not all these private credit strategies may be comparable, with some taking on more risk and leverage than others, but the ability to generate equity-like returns in recent quarters with much lower volatility has validated the push these managers have made to gain such exposure to the asset class.
在PE回报试图收复失地的同时，私人信贷回报继续高企。几乎在所有情况下，这些管理者报告的信贷回报率都明显高于他们的PE策略，KKR是个例外。截至2024年第二季度，美国上市的前七名具有信贷策略的另类基金经理的季度和TTM总回报中位数分别为 和 ;后一个数字是TTM期间7.9%的PE总回报中位数的两倍多。并非所有这些私人信贷策略都具有可比性，其中一些策略承担的风险和杠杆比其他策略更高，但最近几个季度能够以低得多的波动性产生类似股票的回报，这验证了这些经理人对获得此类资产类别敞口的推动。

PitchBook

Deployment 部署

PE deployment PE部署

In Q2 2024, corporate PE deployment by the largest firms totaled billion, marking a significant increase QoQ from a very weak Q1 but is still down 23.2% YTD. While only two firms increased deployment in Q1 2024, three firms exceeded their previous quarter's levels in Q2 2024, including Blackstone, KKR, and TPG. Apollo, Ares, and Carlyle each deployed less than billion but remained optimistic about improved deal activity in the second half of 2024.
在2024年第二季度，最大公司的企业PE部署总额为##亿，从非常疲软的第一季度环比大幅增长 ，但同比仍下降23.2%。虽然2024年第一季度只有两家公司增加了部署，但2024年第二季度有三家公司超过了上一季度的水平，包括黑石、KKR和TPG。Apollo、战神和卡莱尔各自部署了不到2#亿美元，但对2024年下半年交易活动的改善保持乐观。
Blackstone's Q2 deployment totaled billion, marking the third consecutive quarter of sequential increases exceeding $1 billion and the most among public peers. On a TTM basis, the firm's deployment reached billion, reflecting a YoY decline. Notably, Q2 2023 recorded the highest deployment since Q4 2021, at billion. Blackstone's management highlighted that the current market environment, characterized by declining interest rates, is becoming more favorable. They observed an increased willingness among asset holders to sell, which should support further growth in deployment activity.
黑石第二季度的部署总额为##亿美元，连续第三个季度连续增长超过10亿美元，在公共同行中增幅最大。在TTM的基础上，该公司的部署达到1#亿，反映了2#年同比下降。值得注意的是，2023年第二季度的部署量为2021年第四季度以来的最高水平，达到3#亿。黑石管理层强调，当前以利率下降为特征的市场环境正变得更加有利。他们注意到资产持有者出售的意愿增加，这应支持部署活动的进一步增长。
In the second quarter, KKR deployed billion through its PE strategies across both US and core PE, reflecting a sequential increase, or more than billion, although still down 19.6% YoY. On a TTM basis, KKR's deployment totaled billion, representing a 24.5% decline YoY and positioning the firm third among its peers. Management highlighted a notable increase in activity since the beginning of 2024, driven by an improved macroeconomic environment with better inflation and interest rate conditions. They also pointed out there is often a lag of a few quarters before the market fully rebounds and that current market dynamics suggest a more robust environment than the trailing figures might indicate. If these favorable conditions persist, KKR anticipates stronger deal activity and exits in the second half of 2024. Additionally, management emphasized that the firm is well-positioned for the latter half of the year, supported by a healthy deal pipeline.
在第二季度，KKR通过其美国和核心PE的PE战略部署了##亿美元，反映了##亿美元的连续增长，或超过#亿美元，尽管同比仍下降了19.6%。在TTM的基础上，KKR的部署总量为3#亿，同比下降24.5%，在同行中排名第三。管理层强调，自二零二四年初以来，受宏观经济环境改善及通胀及利率状况改善所带动，业务活动显著增加。他们还指出，市场完全反弹通常会滞后几个季度，当前的市场动态表明环境比历史数据可能表明的更加强劲。如果这些有利条件持续下去，KKR预计交易活动将更加活跃，并将在2024年下半年退出。此外，管理层强调，在健康的交易渠道的支持下，该公司在今年下半年处于有利地位。
TPG deployed billion in the second quarter, representing a increase QoQ and a 10.5% increase YoY. On a TTM basis, the firm deployed billion, marking a significant
TPG在第二季度部署了#亿美元，环比增长 ，同比增长10.5%。在TTM的基础上，该公司部署了2#亿美元，标志着一个重大的

TTM PE deployment ( ) by manager*
TTM PE部署（ ）（按经理）*


74.1% YoY increase and placing it in the lead among peers. Management attributed this growth in PE deployment to longstanding relationships with C-suite executives, who have provided access to complex corporate carve-outs and innovative partnerships-areas in which the firm excels. Strong deployment was also noted in its climate strategies and within the European market.
同比增长74.1%，在同行中处于领先地位。管理层将PE部署的增长归因于与C级高管的长期关系，他们提供了进入复杂的企业分拆和创新合作伙伴关系的机会，这些领域是公司擅长的。在其气候战略和欧洲市场中也注意到了强有力的部署。
Carlyle's Q2 corporate PE deployment was billion, down sequentially and YoY. On a TTM basis, its corporate PE deployment was down 57.0% YoY to billion. Management emphasized they are long-term investors, with little concern for short-term volatility and given the current pipeline, they expect "tremendous" transaction activity in the second half. The firm presently holds billion in dry powder.
卡莱尔第二季度的企业PE部署为##亿，环比下降#1，同比下降#2。在TTM的基础上，其企业PE部署同比下降57.0%至3#亿。管理层强调，他们是长期投资者，不太担心短期波动，考虑到目前的管道，他们预计下半年将出现“巨大”的交易活动。该公司目前持有5#亿美元的干粉。
Apollo deployed just billion in its PE strategies in Q2, down 80.0% sequentially and 90.0% YoY. This places Apollo's TTM deployment at approximately billion, down YoY. Apollo in part relies on its extensive credit franchise to uncover unique opportunities for equity participation, and it has averaged billion in quarterly investments over the
Apollo在第二季度的PE策略中仅部署了##亿美元，环比下降80.0%，同比下降90.0%。这使得Apollo的TTM部署量约为1#亿，同比下降2#。阿波罗在一定程度上依赖于其广泛的信贷特许经营权，以发现独特的股权参与机会，它在2010年平均每季度投资3#亿美元。

PitchBook

past two years. The unusually low equity investment levels in both Q1 and Q2 2024 indicates that recent opportunities have been deemed more suitable for hybrid and credit funding, where deployment has remained robust. They also point to the inherent variability and lumpiness in PE deal closings given how large they tend to be.
近两年2024年第一季度和第二季度的股票投资水平异常低，表明最近的机会被认为更适合混合和信贷融资，其中部署仍然强劲。他们还指出，鉴于私募股权交易的规模往往很大，私募股权交易的完成存在固有的可变性和不稳定性。
Ares deployed a modest million in its corporate PE strategies during Q2, similar to activity seen in Q1, but down from million in Q2 2023. On a TTM basis, this places Ares at billion deployed, down 42.2% YoY. Management expects to see "pretty healthy" deployment activity in the second half of 2024, despite the elevated volatility seen in early August.
战神在第二季度的企业PE战略中部署了适度的##万美元，与第一季度的活动类似，但低于2023年第二季度的##万美元。在TTM的基础上，这使得战神部署了2#亿，同比下降了42.2%。管理层预计2024年下半年的部署活动将“相当健康”， 尽管8月初出现波动。
The improvement in PE deployment in Q2 2024 indicates that major firms are increasing their investments, driven by a more favorable macroeconomic environment, lower interest rates, and aligned valuation expectations between buyers and sellers. And it confirms the findings in our most recent US PE Breakdown, which indicated a 10% increase in H1 2024 value.
2024年第二季度PE部署的改善表明，在更有利的宏观经济环境、较低的利率以及买家和卖家之间一致的估值预期的推动下，主要公司正在增加投资。它证实了我们最近的美国PE细分的结果，该结果表明2024年上半年的价值增长了10%。

Private credit deployment
私人信贷部署

Private credit platforms are expanding rapidly. In Q2 2024, private credit deployment reached a staggering billion for these seven firms. This compares to just billion as recently as Q3 2023. Even after excluding the deployment contributed by Angelo Gordan, which was not reported by TPG until Q3, credit deployment topped billion in Q2 2024, representing a increase over the prior quarter and over the prior year. The YTD increase is equally impressive at up 146.1%. While banks pulled back from lending activity in 2023 due to market volatility, allowing private lenders to step in and support sponsor deals, banks are now fully back in and competing head-to-head on large issues and refinancings. Nevertheless, the private credit businesses at these firms continue to be in a strong growth mode.
民间信贷平台迅速扩张。在2024年第二季度，这七家公司的私人信贷部署达到了惊人的##亿美元。相比之下，最近的2023年第三季度仅为1#亿。即使排除了TPG直到第三季度才报告的Angelo Gordan贡献的部署，2024年第二季度的信贷部署也达到了2#亿，比上一季度增长了3#，比去年同期增长了4#。年初至今的增长同样令人印象深刻，增长了146.1%。尽管由于市场波动，银行在2023年退出了贷款活动，允许私人贷款机构介入并支持发起人交易，但银行现在已全面回归，并在大型发行和再融资方面展开正面竞争。尽管如此，这些公司的私人信贷业务仍处于强劲增长模式。
Apollo led the category with billion of debt origination in Q2, up 30.0% QoQ and 126.1% YoY. This places TTM deployment at billion, including a full year of contribution from ATLAS, the firm's asset-backed finance (ABF) platform. This helped drive 69.8% YoY growth on a TTM basis, a testament to Apollo's breadth (16 origination platforms) and expanding diversification. While private credit,
Apollo在第二季度以10亿美元的债务发行额领跑，环比增长30.0%，同比增长126.1%。这使得TTM的部署达到1#亿美元，其中包括该公司的资产支持金融（ABF）平台ATLAS的全年贡献。这有助于推动TTM同比增长69.8%，证明了Apollo的广度（16个发起平台）和不断扩大的多元化。虽然私人信贷，
Dry powder ($B) and share of AUM by manager*
干粉（B美元）和管理人在管理资产中所占份额 *

or "direct origination," is traditionally focused on loans to corporations, ABF includes anything not directly lent to a company, and the collateral could be a stream of cash flows from music royalties, roof top solar installations, or a portfolio of credit lines, for example.
或“直接发起”，传统上集中于对公司的贷款，ABF包括任何不直接贷款给公司的东西，抵押品可以是来自音乐版税、屋顶太阳能装置或信贷额度组合的现金流。
In Q2 2024, Ares' private credit deployments amounted to billion, up 29.9% QoQ and 77.5% YoY. This total includes billion in US direct lending, up 30.9% QoQ; billion in European direct lending, up 34.8% QoQ; billion in liquid credit; and billion in alternative credit (down QoQ), among less scaled categories. On a TTM basis, Ares deployed billion in credit strategies, up 39.3% YoY, placing it second in absolute-dollar volume among the Big Seven public PE firms.
2024年第二季度，战神的私人信贷部署量为##亿，环比增长29.9%，同比增长77.5%。这一总额包括1#亿美元的美国直接贷款，环比增长30.9%; 2#亿美元的欧洲直接贷款，环比增长34.8%; 3#亿美元的流动信贷; 4#亿美元的替代信贷（环比下降5#），属于规模较小的类别。在TTM的基础上，战神在信贷策略上部署了6#亿美元，同比增长39.3%，在七大公共私募股权公司中排名第二。
In Q2, Blackstone moderated its private credit deployment, with total capital deployed amounting to billion, down 1.5% QoQ but more than doubling YoY at 209.9%. On a TTM basis, deployment reached billion, marking a 58.1% increase YoY. Management continues to emphasize private credit as a compelling growth vector that aligns well with the firm's broader platform and investment themes. Management also highlighted the strong credit quality within its portfolio, noting no new defaults in Q2 across its more than 2,000 noninvestment grade credits.
第二季度，黑石放缓了私人信贷部署，部署的总资本达到##亿美元，环比下降1.5%，但同比增长超过一倍，达到209.9%。在TTM的基础上，部署量达到1#亿，同比增长58.1%。管理层继续强调私人信贷是一个引人注目的增长载体，与公司更广泛的平台和投资主题保持一致。管理层还强调了其投资组合中强大的信贷质量，并指出其2，000多个非投资级信贷在第二季度没有新的违约。

TTM private credit deployment ( ) by manager
TTM私有信用部署（ ）由经理 执行

Source: Company reports Geography: Global *As of June 30, 2024
来源：公司报告 地理位置：全球 * 截至2024年6月30日
In Q2, Blue Owl achieved its largest origination quarter to date, reaching billion. This represents more than double the previous quarter's figure and more than four times the YoY comparison. On a TTM basis, the firm completed billion in originations, reflecting a increase YoY. Blue Owl's management views the current environment as highly favorable for direct lending, with broad-based activity that includes both add-ons and new investments. They emphasized that the strong performance underscores the robustness of their model, particularly notable given the increased competition from an open syndicated loan market and what they perceive as relatively subdued PE deal activity despite substantial dry powder.
在第二季度，Blue Owl实现了迄今为止最大的发起季度，达到##亿。这是上一季度的两倍多，是同比的四倍多。在TTM的基础上，该公司完成了1#亿次发起，反映了2#年同比增长。蓝猫头鹰的管理层认为，目前的环境非常有利于直接贷款，基础广泛的活动，包括附加和新的投资。他们强调，强劲的业绩凸显了他们模型的稳健性，特别是考虑到开放的银团贷款市场的竞争加剧，以及他们认为尽管有大量干粉，但私募股权交易活动相对低迷。
KKR deployed billion in its alternative and liquid credit strategies during Q2 2024, marking a sequential increase and nearly tripling YoY, up 297.0%. With the firm's credit franchise now exceeding billion in capital, management noted it continues to see attractive opportunities in ABF, Asia credit, opportunistic investing, and junior debt. On a TTM basis, KKR deployed billion, a YoY increase.
2024年第二季度，KKR在其另类和流动性信贷策略中部署了##亿美元，环比增长##，同比增长近两倍，增长297.0%。随着该公司的信贷专营权目前超过2#亿美元的资本，管理层指出，它继续看到有吸引力的机会，在亚洲债券基金，亚洲信贷，机会主义投资，和初级债务。在TTM的基础上，KKR部署了3#亿美元，同比增长4#美元。
Carlyle's private credit group deployed billion in Q2, reflecting a sequential increase and an rise YoY. On a TTM basis, deployment totaled billion, representing a YoY decline. Based on the firm's proprietary data from its portfolio, management expects robust economic growth to continue, and noted improving confidence to transact from both buyers and sellers. This underpins their expectation that transaction activity will increase in the second half of 2024, despite the public market volatility observed in early August around the time of the earnings call.
卡莱尔的私人信贷集团在第二季度部署了#亿美元，环比增长##，同比增长##。在TTM的基础上，部署总量为3#亿，同比下降4#。根据该公司从其投资组合中获得的专有数据，管理层预计强劲的经济增长将继续下去，并注意到买家和卖家对交易的信心有所提高。这支撑了他们的预期，即交易活动将在2024年下半年增加，尽管在8月初财报电话会议期间观察到公开市场波动。
TPG completed its second full quarter with Angelo Gordon (AG), deploying billion across credit strategies, an increase of 43.0% QoQ. Twin Brook, the firm's direct lending platform, deployed approximately billion in Q2. This pushed the H 12024 total to billion, exceeding its prior record for H 1 deployment by over billion. Management noted a strong uptick in lower-middle-market sponsor activity, with approximately of the origination volume being add-ons to the existing portfolio.
TPG与Angelo Gordon（AG）合作完成了第二个完整季度，在信贷战略上部署了##亿美元，环比增长43.0%。该公司的直接贷款平台Twin Brook在第二季度部署了约1#亿美元。这使得H12024的部署总数达到 亿，比H1部署的之前记录高出超过 亿。管理层注意到中低端市场赞助商活动的强劲增长，约有4#的发起量是现有投资组合的补充。

PitchBook

Realizations 实现方式

TTM PE realizations ($B) by manager*
按经理列出的TTM PE实现（$B）*



KKR
APO
CG
ARES 战神
TPG
Median 中值
While still relatively unchanged on a TTM basis, realizations moved ahead in Q2 2024 by 57.1% YoY and 28.9% YTD versus 2023. Total realized value in Q2 2024 was billion, up from billion in Q1. The combined total of billion in H1 2024 compares to billion in 2023. This is consistent with the increase in exit value in the broader PE market as reported in our most recent US PE Breakdown. Still, these figures pale in comparison to the peak quarters of 2020 and 2021 and have yet to reach the "old normal" pre-pandemic quarterly averages.
虽然按TTM计算仍相对不变，但与2023年相比，2024年第二季度的实现额同比增长57. 1%，年初至今增长28. 9%。2024年第二季度的总实现价值为##亿，高于第一季度的##亿。2024年上半年的合并总额为2#亿，而2023年为3#亿。这与我们最新的美国私募股权细分报告中所报告的更广泛的私募股权市场的退出价值增长一致。尽管如此，这些数字与2020年和2021年的高峰季度相比仍显得苍白无力，并且尚未达到大流行前的“旧常态”季度平均值。
Just two managers-Carlyle and Ares-saw QoQ and TTM declines in PE realizations, which is an encouraging improvement from last quarter when only two managers recorded QoQ growth and just one on a TTM basis.
只有凯雷和阿瑞斯这两名经理人的PE实现出现了环比和TTM下降，这与上一季度相比是一个令人鼓舞的改善，当时只有两名经理人实现了环比增长，只有一名经理人实现了TTM增长。
Discussions about realization opportunities carried a more optimistic tone this quarter as several managers pointed out healthy exit pipelines and an outlook for improvements as early as next quarter.
关于变现机会的讨论在本季度表现得更为乐观，因为几位经理人指出，退出渠道健康，最早下个季度就有改善的前景。
Blackstone led its peer group of managers for the second consecutive quarter with billion in PE realizations. This marked a 77.9% QoQ growth from billion in Q1 and a
黑石连续第二个季度以50亿美元的PE实现额领先于同行经理人。这标志着从第一季度的1#亿美元环比增长77.9%，
7.3% increase on a TTM basis. Blackstone secured several exits in its Asian PE business during the quarter, such as its first exit from South Korea via a stake sale in the medicine wholesaler Geo-Young Corp to Asian buyout firm MBK Partners for billion. In India, the firm publicly listed Aadhar Housing Finance, an affordable housing lender, and sold a stake in IT company Mphasis. The firm shared that although there will be near-term lag between improving markets and recovery in realizations, it expects interest rate cuts later this year to act as a foundation for a significant realization cycle. Although it does not see the current macroeconomic backdrop as robust enough to encourage scaled realization activity, Blackstone stated it is well-positioned for significant acceleration in realizations as market environment and liquidity improve. Firm-wide, Blackstone's underlying performance-revenue-eligible AUM reached a record of billion in Q2.
TTM基础上增长7.3%。本季度，黑石在亚洲私募股权业务上实现了几次退出，例如以1#亿美元的价格将医药批发商Geo-Young Corp的0#股销售给亚洲收购公司MBK Partners，从而首次退出韩国。#2在印度，该公司公开上市了Aadhar Housing Finance，一家经济适用房贷款机构，并出售了IT公司Mingdom的 股份。该公司表示，尽管市场改善与实现复苏之间短期内存在滞后，但预计今年晚些时候的降息将成为重要实现周期的基础。尽管目前的宏观经济背景不足以鼓励大规模的变现活动，但黑石表示，随着市场环境和流动性的改善，它已做好充分准备，大幅加速变现。在全公司范围内，黑石的基本业绩收入合格的管理资产在第二季度达到创纪录的4#亿美元。
KKR had billion of PE realizations during the quarter, nearly matching Blackstone's quarterly increase at QoQ growth. KKR also shared that it continues to see signs of an improving monetization backdrop and that transaction momentum feels strong for the firm overall. The firm stated
KKR在本季度实现了##亿美元的PE变现，几乎与黑石季度增长率相当，季度增长率为#。KKR还表示，它继续看到货币化背景改善的迹象，并且交易势头对公司整体来说很强劲。公司声明

PPitchBook

Sequential PE realizations ($B) by manager*
按管理器顺序实现PE（$B）*

Source: Company reports Geography: Global *As of June 30, 2024
来源：公司报告 地理位置：全球 * 截至2024年6月30日
it has a healthy pipeline of exits and has already completed a secondary sale of its shares in Kokusai Electric and taken software maker OneStream public. The firm also shared it sees consistent growth in its underlying businesses and that it has visibility on around million of monetization related revenue for Q3.
它有一个健康的退出渠道，并已完成了对Kokusai Electric股票的二次销售，并将软件制造商OneStream上市。该公司还分享了其基础业务的持续增长，并且它对第三季度约##万美元的货币化相关收入具有可见性。
TPG marked billion of PE realizations for the quarter, which was an increase of QoQ and of on a TTM basis. TPG maintained during its earnings call that although it is actively monitoring realization opportunities, exits remain muted for the industry and the firm. Most notably, TPG partially sold its shares in Viking Holdings when the company went public in May for billion.
TPG在本季度实现了1#亿美元的PE实现额，环比增长1#，TTM增长2#。TPG在其财报电话会议上坚称，尽管它正在积极监控变现机会，但该行业和公司的退出仍然很低调。最值得注意的是，TPG在维京海盗控股公司5月份上市时以3#亿美元的价格出售了部分股份。
Apollo followed closely behind with billion of PE realizations, which was just below the billion median for the six managers. It was a decrease of 9.0% QoQ and a growth of on a TTM basis. The firm highlighted that it is dedicated to providing excess return per unit of risk and that its PE portfolio companies are marked at defensible valuations. Apollo shared that it continues to see bid-ask spreads persist, which is hampering deal and exit activity.
阿波罗紧随其后，实现了10亿美元的私募股权投资，略低于6位经理10亿美元的中位数。按季减少9.0%，按TTM计算增长 。该公司强调，它致力于提供每单位风险的超额回报，其私募股权投资组合公司的估值是合理的。Apollo表示，买卖价差持续存在，这阻碍了交易和退出活动。
Carlyle's PE realizations in Q2 was the same as Q1's at $2.0 billion, although this was a decrease of around on a TTM basis. Carlyle was also optimistic about the market opportunity for exits going forward and stated it had a considerable pipeline of active IPO and sale processes. In August, Carlyle agreed to a billion sale of Cogentrix Energy, a US independent power producer, to Quantum Capital Group. Carlyle originally acquired the company in 2012. The firm expects realizations in H 2 to be materially higher than in H 1 considering the several large deals in its pipeline.
卡莱尔在第二季度的PE实现与第一季度相同，为20亿美元，尽管这在TTM的基础上下降了约0#。卡莱尔也对未来退出的市场机会持乐观态度，并表示它有相当多的积极IPO和销售流程的管道。今年8月，卡莱尔同意将美国独立电力生产商Cogenerous Energy销售1#亿美元给量子资本集团（Quantum Capital Group）。卡莱尔最初于2012年收购了该公司。该公司预计，考虑到其管道中的几个大型交易，下半年的实现将大大高于上半年。
Ares had just million of PE realizations in Q2, which was a 19.4% decline QoQ and a 2.5% drop on a TTM basis. Looking ahead, the firm stated that it sees markets returning to a more normalized state of activity in many sectors. Blue Owl's GPSC strategy distributed million in Q2, which was an incredible QoQ increase and 57.2% growth YoY. Blue Owl stated it is seeing an uptick in asset sales for some of the partner manager portfolios as sponsors are more willing to monetize assets in aging PE funds.
战神在第二季度的PE实现量仅为##万，环比下降19.4%，TTM下降2.5%。展望未来，该公司表示，它认为市场在许多行业的活动恢复到更正常的状态。Blue Owl的GPSC策略在第二季度分销了1#万股，这是令人难以置信的第二季度增长，同比增长57.2%。Blue Owl表示，由于赞助商更愿意将老化的PE基金中的资产货币化，一些合作伙伴经理投资组合的资产销售出现了上升。

PitchBook

Fundraising 筹款

PE fundraising PE募资

Q2 2024 PE fundraising moderated from a bounce in Q1 but is still ahead by YTD. Most of these managers wrapped up their fundraising efforts toward the end of 2023 or early 2024. Blackstone has been the exception as it remains in the market with its Fund IX, which just crossed its billion target and recently activated its investment period, although it remains in the market, seeking to raise additional capital. Through the end of Q2, Fund IX has raised billion. Other firms are currently focusing their PE fundraising on sub-strategies such as Asia-Pacific (APAC) or middle-market funds. However, KKR is bucking the trend and re-entering the market for its next vintage flagship buyout fund. In June, KKR launched its 14th North America flagship fundraise, seeking billion in capital. Looking at the second quarter, PE fundraising for KKR was driven primarily by its perpetual capital K-Series suite discussed below. Also, within PE, the firm's middle market strategy, called Ascendant, has already achieved its fundraising goal of billion and has not yet held its final close. The fund is approaching its billion hard cap and is cutting back on allocations to investors as a result.
2024年第二季度私募股权融资从第一季度的反弹中有所缓和，但仍领先于 YTD。大多数基金经理在2023年底或2024年初结束了他们的筹款工作。黑石一直是个例外，因为它仍然在市场上与其基金IX，刚刚超过其1#亿美元的目标，并在最近启动了其投资期，虽然它仍然在市场上，寻求筹集更多的资金。截至第二季度末，Fund IX已筹集了2#亿美元。其他公司目前正将私募股权融资集中在亚太（APAC）或中间市场基金等子战略上。然而，KKR正在逆势而上，重新进入市场，推出其下一个经典旗舰收购基金。6月，KKR推出了其第14个北美旗舰融资，寻求3#亿美元的资本。从第二季度来看，KKR的私募股权融资主要是由下文讨论的永久资本K系列套件推动的。 此外，在PE内部，该公司的中间市场战略，称为上升，已经实现了其筹资目标的4#亿美元，尚未举行其最后关闭。该基金正接近其5#亿美元的硬上限，因此正在削减对投资者的配置。
TPG, like several of its peers, is not in the market with its flagship buyout. However, TPG expects its total PE and infrastructure fundraising in 2024 to grow compared to the billion it raised in 2023, driven by its ongoing campaigns for its Growth and Rise Climate funds and the launch of its climate transition infrastructure strategy. Moreover, its recently closed flagships, TPG IX and Healthcare Partners II, have combined to have signed or completed 10 investments and have deployed nearly 50% of the capital raised for the two vehicles. As a result, the successor funds of TPG and Healthcare Partners III will likely be back in the market, raising sometime in the first half of 2025. While Carlyle is not in the market with its flagship buyout fund, it is focused on areas such as Asia. In Japan, it closed its fifth Japan buyout fund in the second quarter, which is approximately 70% larger than its predecessor. Apollo closed its tenth flagship buyout fund at billion in Q3 2023 and does not plan to launch the next vintage this year. However, the firm did say that based on how deployment for Fund is tracking, it expects that by the end of next year, the fund will be largely deployed and
与几家同行一样，TPG也没有在市场上进行旗舰收购。然而，TPG预计其2024年的私募股权和基础设施融资总额将比2023年筹集的10亿美元有所增长，这得益于其正在进行的增长和崛起气候基金活动以及其气候转型基础设施战略的推出。此外，其最近关闭的旗舰公司TPG IX和Healthcare Partners II已经签署或完成了10项投资，并部署了为这两个工具筹集的近50%的资金。因此，TPG 和Healthcare Partners III的后续基金可能会在2025年上半年的某个时候重新进入市场。尽管卡莱尔没有凭借其旗舰收购基金进入市场，但它的重点是亚洲等地区。在日本，它在第二季度关闭了第五只日本收购基金，比其前身大约70%。 Apollo在2023年第三季度以2#亿美元的价格关闭了其第十个旗舰收购基金，并不计划在今年推出下一个年份。 不过，该公司确实表示，根据基金 的部署情况，预计到明年年底，该基金将基本部署完毕，

TTM PE capital raised ($B) by manager*
管理人筹集的迅达私募股权资本（B美元）*


look to launch fundraising for Fund XI. Ares remains out of the market with its flagship buyout fund. The only capital in the firm's PE group was for its PE secondaries group, which raised million.
希望为Xi基金筹集资金。战神的旗舰收购基金仍在市场之外。该公司私募股权投资集团的唯一资本是私募股权第二投资集团，该集团筹集了##万美元。
Blue Owl does not operate a traditional PE strategy like its peers. However, its GPSC funds-formerly known as Dyal Capital-have a 10-year track record of buying GP stakes in private market fund managers, half of which are PE managers. For GPSC, Blue Owl raised billion in Q2 across its largecap strategy and co-investment vehicles. Additionally, for the firm's latest GP Stakes fund, total invested commitments, including agreements in principle, are more than billion of capital, with a line of sight into more than billion of opportunities. Blue Owl closed on an additional billion for the latest vintage of the strategy in Q2 and anticipates that fundraising in Q3 for the vehicle could be similar to Q2 based on current visibility. However, it is not concerned with the timing of closes quarter-to-quarter. Blue Owl remains focused and confident in achieving its billion goal over the next 18 months.
Blue Owl不像同行那样采用传统的PE策略。然而，其GPSC基金（前身为Dyal Capital）有10年购买私人市场基金管理公司GP股份的记录，其中一半是PE管理公司。对于GPSC，Blue Owl在第二季度通过其大规模战略和联合投资工具筹集了##亿美元。此外，对于该公司最新的GP Stakes基金，总投资承诺，包括原则上的协议，超过1#亿美元的资本，并有超过2#亿美元的机会。Blue Owl在第二季度为该战略的最新年份额外筹集了3#亿美元，并预计根据目前的可见性，第三季度的融资可能与第二季度相似。然而，它并不关心每季度关闭的时间。Blue Owl仍然专注于在未来18个月内实现其4#亿美元的目标。

PitchBook

Firm-wide fundraising 全公司筹资

In the second quarter, gross inflows across all strategies and seven firms totaled billion. This represented a sequential increase of and an increase of YoY. Year-to-date, fundraising has increased by versus YTD 2023. Adjusting for the acquisition of Angelo Gordon, we estimate that fundraising grew by on a like-forlike basis.
在第二季度，所有策略和七家公司的总流入总额为#亿美元。这代表了连续增长 和增长 年。今年迄今为止，筹款额比2023年年初至今增加了 。调整收购安杰洛戈登，我们估计筹款增长了 在一个类似的基础上。
Credit strategies accounted for 58.0% of all capital raised in Q2, a drop from the seen last quarter, but by far and away still the most sizable driver of inflows for these firms. After accounting for nearly the same share of fundraising in Q1, real estate fundraising accounted for of all Q2 inflows, while PE represented 11.6% of Q2 inflows, with other strategies making up the remaining . On a TTM basis, fundraising continues to increase, totaling billion across these managers, up substantially from the TTM fundraising of $449.9 billion for the TTM period ended Q2 2023.
信贷策略占第二季度所有融资的58.0%，低于上季度的 ，但迄今为止仍然是这些公司资金流入的最大驱动因素。在第一季度占融资份额几乎相同之后，真实的房地产融资占第二季度所有资金流入的 ，而PE占第二季度资金流入的11.6%，其他策略占剩余的 。在TTM的基础上，筹款继续增加，这些经理的筹款总额为3#亿美元，大大高于截至2023年第二季度的TTM期间的4499亿美元。
Blackstone led Q2 fundraising with billion, representing a 15.7% increase from Q1. The firm's credit & insurance segment led all inflows, totaling billion in Q2, driven primarily by the billion raised for its direct lending strategy. Global PE, the second-best segment for inflows in the quarter, totaled billion, with infrastructure and real estate fundraising leading the way. Blackstone has launched or expects to launch fundraising in the next few quarters for the new vintages in several strategies, including successors for its billion life sciences fund, billion private credit opportunistic strategy, billion PE secondaries fund, and billion PE Asia fund.
黑石在第二季度的融资中领先，融资额为##亿美元，较第一季度增长15.7%。该公司的信贷和保险部门领导了所有资金流入，第二季度总计1#亿美元，主要是由其直接贷款战略筹集的2#亿美元驱动。全球私募股权投资是本季度第二大流入领域，总额为3#亿美元，其中基础设施和真实的房地产融资领先。黑石已在未来几个季度启动或预计将在几个战略中为新的年份进行筹资，包括其4#亿生命科学基金、5#亿私人信贷机会主义战略、6#亿私募股权次级基金和7#亿私募股权亚洲基金的后续基金。
KKR raised billion in Q2, an increase of sequentially yet up YoY. This pushed the TTM total to billion, up nearly 100% YoY. Q2 was the second-most-active fundraising quarter in KKR's history. Unlike recent quarters where credit fundraising accounted for the lion's share of fundraising, real assets took the crown in Q2, raising $18.0 billion or of the quarter's capital. Real assets increased as the firm launched Global Infrastructure Investors V, which has already raised billion. Credit was responsible for billion of inflow in the quarter, accounting for of capital raised.
KKR在第二季度筹集了##亿美元，环比增长 ，同比增长 。这使得TTM总量达到3#亿，同比增长近100%。第二季度是KKR历史上第二活跃的融资季度。与最近几个季度信贷融资占融资的最大份额不同，真实的资产在第二季度占据了桂冠，筹集了180亿美元，占该季度资本的4#。随着该公司推出全球基础设施投资者V，真实的资产增加，该公司已经筹集了5#亿美元。本季度信贷流入6#亿美元，占融资总额的7#%。
Apollo saw record inflows in the first quarter of billion and followed it up in Q2 with billion. This record-level fundraising from Apollo comes in a "non-PE" year for the firm after wrapping up its flagship buyout Fund X late in 2023.
阿波罗在第一季度看到了创纪录的资金流入，达到了1#亿美元，随后在第二季度又增加了1#亿美元。Apollo的这一创纪录水平的筹款活动是在该公司于2023年底结束旗舰收购基金X后的“非私募股权”一年中进行的。

TTM gross capital raised ( ) by manager^
TTM管理人筹集的总资本（ ）^

TTM fundraising for the firm is 11.5% ahead of the prior TTM period. Second-quarter fundraising included a record amount of third-party capital raised in yield and robust hybrid inflows. Some of the more significant drivers by strategy included , large-cap direct lending, opportunistic credit, and infrastructure equity.
该公司的TTM筹资比上一个TTM时期提前11.5%。第二季度的融资包括创纪录的第三方资本收益率和强劲的混合资本流入。一些更重要的战略驱动因素包括 ，大盘股直接贷款，机会主义信贷和基础设施股权。
For Ares, the second quarter was the firm's best in its history, with billion of gross capital inflows, bringing YTD fundraising to billion. A driver of this record activity was the closing of its third US Senior Direct Lending fund (SDL), with billion of investment capacity, and is roughly double the total investment capital raised in SDL II. SDL III raised billion of capital in Q2 and an additional billion in July. In addition, the firm priced five new CLOs in Q2. YTD, Ares has priced seven CLOs, raising billion and exceeding its full-year record of seven CLOs for billion in 2022. For the remainder of the year, Ares expects to have 35 funds in the market across 17 strategies and will continue to see strong inflows.
对战神来说，第二季度是公司历史上最好的一个季度，总资本流入为##亿美元，年初至今的筹资额为##亿美元。这一创纪录活动的一个驱动因素是其第三个美国高级直接贷款基金（SDL）的关闭，该基金拥有2#亿美元的投资能力，大约是SDL II筹集的总投资资本的两倍。SDL III在第二季度筹集了3#亿美元的资金，并在7月份又筹集了4#亿美元。此外，该公司在第二季度定价了五个新的CLO。年初至今，战神已经定价了7个CLO，筹集了5#亿美元，并超过了2022年7个CLO的全年纪录。战神预计，在今年剩余时间里，市场上将有35只基金，涉及17种策略，并将继续看到强劲的资金流入。
Carlyle added billion of assets in Q2, more than double the total inflows seen in Q1. The firm stated at the beginning of the year it had a goal of billion in total fundraising for 2024, and after the first six months, the firm is roughly on track, having raised billion. Like the first quarter, global solutions fundraising remains a key driver, supported by demand for its secondaries and co-investment fund. The firm was also very active in fundraising within credit, raising
卡莱尔在第二季度增加了#亿美元的资产，是第一季度总流入的两倍多。该公司在年初表示，它的目标是2024年的总筹资额为1#亿美元，在前六个月之后，该公司大致走上了正轨，筹集了2#亿美元。与第一季度一样，全球解决方案融资仍然是一个关键驱动力，受到对其第二和共同投资基金的需求的支持。该公司在信贷融资方面也非常活跃，筹集了3#

PitchBook

billion in the quarter, and capped off one of the busiest first six months in its 20-plus year CLO history.
该季度的销售额为10亿美元，并结束了其20多年CLO历史上最繁忙的前六个月之一。
TPG raised billion in the second quarter, with more than of capital raised, or billion, across its credit strategies. This activity was headlined by the final close of Twin Brook's fifth drawdown fund, raising billion. Twin Brook is a US direct lender focused on lending to lowermiddle-market PE-backed companies. Looking into the back half of the year, TPG expects robust fundraising momentum to continue, led by its Rise Climate franchise. Additionally, it expects credit fundraising to exceed billion for the year, more than double the capital raised in 2023. TPG has raised billion for its credit strategies through the end of June, putting the firm on pace to achieve that goal.
TPG在第二季度筹集了##亿美元，其信贷战略筹集了超过##亿美元的资金，即##亿美元。Twin Brook第五只提款基金最终收盘，筹集了3#亿美元，成为这项活动的焦点。Twin Brook是一家美国直接贷款机构，专注于向中低市场PE支持的公司提供贷款。展望今年下半年，TPG预计强劲的融资势头将继续，由其Rise Climate特许经营权领导。此外，它预计今年的信贷融资将超过4#亿美元，是2023年融资的两倍多。截至6月底，TPG已为其信贷战略筹集了5#亿美元，使该公司加快了实现这一目标的步伐。
Blue Owl's Q2 fundraising totaled $5.4 billion, up 13.9% sequentially and up YoY. TTM fundraising of billion was also up sequentially but down 5.9% YoY. Credit led the way for Blue Owl fundraising, raising billion in the second quarter. The strategy was primarily driven by its diversified and first-lien lending strategies, of which billion came from its nontraded business development company (BDC) OCIC. Liquid credit and GP lending secondaries were other drivers in credit. Blue Owl also saw fundraising activity in its nontraded REIT, ORENT, increase as Q2 flows were 130% higher than a year ago.
Blue Owl第二季度的筹资总额为54亿美元，环比增长13.9%，同比增长0#。TTM的筹资额为1#亿美元，环比也有所上升，但同比下降5.9%。信贷引领了蓝猫头鹰的筹款，在第二季度筹集了2#亿美元。这一战略主要是由其多元化和第一留置权贷款战略推动的，其中3#亿美元来自其非贸易业务发展公司（BDC）OCIC。流动性信贷和普通合伙人贷款是信贷的其他驱动因素。Blue Owl还看到其非交易型房地产投资信托基金（REIT）的筹资活动有所增加，因为第二季度的资金流比一年前高出130%。

Perpetual capital/private wealth update
永久资本/私人财富更新

All seven public PE managers continue to build out their perpetual capital franchises and seek to benefit from the compelling economics of the model. The unlimited duration of perpetual capital funds removes the pressure to sell assets within a fixed period, increasing flexibility and enabling a more consistent revenue stream of performance fees. As of the second quarter's close, assets in perpetual strategies from
所有七家公共私募股权基金经理都在继续建立他们的永久资本特许经营权，并寻求从这种模式令人信服的经济效益中获益。永久资本基金的无限存续期消除了在固定期限内出售资产的压力，增加了灵活性，并使绩效费的收入流更加一致。截至第二季度收盘，

Private wealth platforms by manager^
按经理划分的私人财富平台

Firm 公司 Wealth platform 财富平台
 财富AUM（B美元）
Wealth
AUM ($B)

总AUM
of total
AUM

财富TTM流入
Wealth TTM
inflows

TTM流入总额（B美元）
Total TTM
inflows ($B)

占TTM总流入量的百分比
% of total TTM
Inflows
Launch year 上市年份
Blackstone 黑石 Blackstone Private Wealth Solutions
黑石私人财富解决方案		 2010
KKR KKR Global Wealth Solutions
KKR全球财富解决方案		 2021
Blue Owl 蓝鸮 Blue Owl Private Wealth 私人财富 2021
Carlyle 卡莱尔 Carlyle Private Wealth 卡莱尔私人财富 2023
Ares 战神 Ares Wealth Management Solutions
战神财富管理解决方案		 2021
Apollo 阿波罗 Apollo Academy 阿波罗学院 N/A N/A 2022
the publicly traded Big Seven totaled trillion, up 3.7% QoQ and YoY, representing of total AUM.
公开交易的七大证券交易所总资产为 万亿美元，环比增长3.7%，同比增长 ，占总资产管理规模的 。
Blackstone continues to expand its perpetual capital offerings and AUM, increasing YoY to billion and of its total AUM and retaining the top spot on the leaderboard for total perpetual AUM. Blackstone raised billion from its wealth channel in Q2, including billion for its perpetual strategies and nearly billion in the first half of the year, already exceeding what it raised from individuals in all of 2023. Blackstone's credit and real estate vehicles BCRED and BREIT had impressive quarters, with BCRED bringing in billion in Q2, its best quarter in over two years, and BREIT raising million in new sales, its best quarter in more than a year. Its recently launched PE-focused perpetual vehicle, BXPE, has had a strong first six months, raising a total of billion. The firm's perpetual infrastructure vehicle, BIP, reached the billion milestone, including July fundraising, up from the year-end of 2023.
黑石继续扩大其永久资本发行和资产管理规模，使其资产管理规模同比增长 至 亿，占其总资产管理规模的